S&P 500 near record as oil eases below $100 amid Iran war uncertainty
Stock market holds steady while Brent crude retreats from $110 peak, though oil remains elevated by geopolitical tensions.
What to know
- Brent crude fell below $100/barrel on September 22, down from nearly $110 a week earlier, but remains elevated at $99.25 amid Iran war uncertainty.
- The S&P 500 held near its all-time high despite oil volatility, supported by strong corporate earnings with Q3 profit growth forecast at 29%.
- Bank stocks weakened after the Federal Reserve's first rate hike in three years; oil stocks declined with crude prices.
- Markets remained relatively quiet as companies near the end of Q3 earnings season, which closes on September 30.
“never reached the inflection point many in the industry expected”
Bob Martin, Thor Industries CEO · Philadelphia Inquirer (AP) ↗
Phil Daniele AutoZone CEOBob Martin Thor Industries CEO
How it unfolded 1 development · click the chart to see its coverage articles
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1
Fed rate hike pressures banks; oil stocks decline
Bank stocks continued their weak performance following the Federal Reserve's decision last week to raise the overnight interest rate for the first time in three years. Oil and gas companies also fell as crude prices declined, with ConocoPhillips dropping 1.8%.
“we feel we are well positioned for sales growth…”
— Phil Daniele, AutoZone CEO · source -
2 outlets US stocks hold near their record as the price of Brent crude falls back below $100 a barrel
first by Philadelphia Inquirer, 1d ago · also AP News
4 more headlines
- Wall Street ticks to the edge of its record as Brent oil falls toward $98 per barrel Philadelphia Inquirer · 1d ago
- Wall Street holds near its record as Brent oil falls below $100 per barrel Philadelphia Inquirer · 1d ago
- Wall Street holds near its record after Brent oil briefly falls below $98 per barrel Philadelphia Inquirer · 1d ago
- Wall Street holds near its record after Brent oil falls below $100 per barrel Philadelphia Inquirer · 1d ago
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background
S&P 500 earnings forecast shows 29% profit growth for Q3 — Analysts predict S&P 500 companies will report 29% earnings growth for the third quarter compared to a year earlier, marking the third straight quarter of growth exceeding 25%. This earnings strength is cited as a primary reason the stock market has reached near-record levels despite oil price jitters and concerns about AI stock valuations.
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background
Oil remains elevated by Iran war; corporate earnings drive market strength — Brent crude, though down from nearly $110 last week, remains far above the $72 price before the Iran war began, swinging with uncertainty about when Middle East crude can flow freely again. Strong quarterly profit reports from companies including AutoZone, Thor Industries, and On Holding are sustaining stock market gains despite oil volatility.
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background
S&P 500 edges down as Brent oil falls below $100 — The U.S. stock market held near its record high with the S&P 500 down less than 0.1%, the Dow down 0.4%, and Nasdaq up 0.5% to its own record. Brent crude fell to $99.25 per barrel, down 1.1% from the previous day, though it briefly dipped below $98 in morning trading.